Cost Saving Initiatives

3 Months Ended

Mar. 31, 2023

Cost Saving Initiatives [Abstract]

Cost Saving Initiatives

20. COST-SAVING INITIATIVES

The Company is conducting cost-saving initiatives, which are expected to result in the reduction of approximately 10% of our workforce over the course of 2023. Compensation and benefits expense associated with the cost-saving initiatives for the three month period ended March 31, 2023 was $20,740, of which $8,777, $11,235, and $728 related to the Financial Advisory, Asset Management and Corporate segments, respectively.

The obligation pursuant to the cost-saving initiatives at March 31, 2023 was $8,184, which reflected payments of $12,556 made during the three month period ended March 31, 2023.

Additional costs of approximately $95,000, primarily related to compensation and benefits, are expected to be incurred in subsequent quarters of 2023.